When the time comes for a family, couple or an individual to set up an estate plan, that party or parties may have very clear ideas about what they want to happen or what they foresee the situation to be. Nevertheless, most Michigan families realize life circumstances and family changes can and do happen throughout one's lifetime. Anyone who has already or is in the process of creating an estate plan may want to think about what can go wrong after that plan has been created.
One thing many get wrong is that they create a plan and then simply leave it as it is. In a typical estate plan, people designate guardians for minor children and also decide how much to put into a trust for beneficiaries. The person designated as a guardian might be a great choice at the time and then become the wrong choice after certain events or lifestyle changes transpire. It is important to keep these vital people in mind and act accordingly when they no longer fit the bill.